Final Exam Review - 6115 - #1

Credit is when you are using someone else's money for a period of time.

A down payment is the last payment on a loan.

Bankruptcy is the best way to handle credit problems.

Safe investments will always provide the lowest yield.

Wise consumers ________ understand their needs and wants before they buy.

A gift tax is an additional tax placed on purchases for birthdays, Christmas, etc.

Good money management begins with an understanding of your current financial status.

A credit report is a report that considers your financial responsibilities and your ability to take on further debt.

Fraud: a salesperson telling a customer, "This is the best car on the market today."

The value of your property will greatly affect your homeowner's insurance premiums.

Which court would handle cases involving small amounts of money?

Interest is this equation _________________

Currently, the FDIC insures an individuals accounts up to ___________.

Liability: when you bear responsibility for something that might happen.

Which form do employees receive at the end of each year, explaining earnings and deductions?

Estate planning includes managing financial holdings during one's life, and distribution of assets upon death.

The deductible in health insurance tries to discourage filing of minor claims.

When a check has been processed by both the account holder's bank and the payee's bank, it is said to have _________

Over-the-counter market is when transactions take place over at the exchange.

Bodily injury liability insurance provides protection in the event of injury or death.